Home / Knowledge / News / Textiles / Textured Jersey reports 46% surge in Q4FY15 net profit
Textured Jersey reports 46% surge in Q4FY15 net profit
01
May '15
Net profit hit a record level in fiscal 2015 driven by a 46 per cent surge in net profit at Sri Lanka based, Textured Jersey Lanka for the fourth fiscal quarter ended March 31, 2015.

In a press release, Textured Jersey said its net profit for the fourth quarter of fiscal 2015 zoomed 46 per cent from the fourth quarter of fiscal 2014 to Rs 512 million.

Resultantly in fiscal 2015, Textured Jersey recorded its highest ever annual net profit at Rs 1.3 billion, an increase of 16 per cent year on year.

According to chairman Bill Lam, the strong quarterly performance enabled the company conclude the year with a record profit despite the slowdown in sales experienced in the early part of the year.

For the quarter under review, it posted sales of Rs 3.8 billion, also up 16 per cent from the prior fiscal fourth quarter, mainly due to demand from its main customers getting back on track.

In addition, recently added capacity enabled the company to optimise capacity utilisation and product mix to achieve fourth quarter gross profit margin of 15 per cent as against 12 per cent in same quarter of last fiscal.

This in turn also allowed the company to increase its gross profit by 45 per cent to Rs 583 million for the reporting quarter and drive its fiscal 2015 gross profit to Rs 1.6 billion, up 11 per cent year over year.

Textured Jersey continued to maintain its near debt-free balance sheet as at 31st March 2015, with a net cash position of Rs. 1.9 billion.

Additionally, lower interest rates, combined with a marginally lower cash position versus the fourth quarter of fiscal 2014, led to net finance income dropping to Rs. 14 million in the fourth quarter of fiscal 2015.

Net finance income for fiscal ended March 31, 2015 touched Rs 58 million, down a massive 36 per cent, when compared to the previous fiscal.

Commenting on fiscal 2016, Bill Lam stated that the recently enhanced capacity and strategic investments coming into fruition will place the company on a solid growth platform.

Lam added by saying that the prospects of GSP+ being reinstated in the future would further augment current momentum. (AR)

Fibre2fashion News Desk - India


Must ReadView All

Apparel/Garments | On 25th Sep 2017

AAFA urges US govt to plug lacunae in military procurement

The American Apparel & Footwear Association (AAFA), an alliance of...

Apparel/Garments | On 25th Sep 2017

Vietnam textile sector to gain if EU FTA gets ratified

Experts feel the Vietnam-European Union (EU) free trade agreement...

Apparel/Garments | On 25th Sep 2017

65% retailers to offer same day delivery in 2 years: BRP

About 65 per cent retailers plan to offer same day delivery within...

Interviews View All

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Amardeep Singh
Orient Craft

'In export markets, the trend in terms of embroidery, is towards matte...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search